Bitcoin, Ethereum, Dogecoin End Week On High Note — But This Coin Steals The Show, Rising From The Ashes With 180% Surge

Zinger Key Points
  • Tokens linked with the erstwhile Terra have all risen significantly this week.
  • The rise can be attributed to different governance proposals that got the all-clear.
  • A Terra whistleblower made fraud allegations against LUNA creator Do Kwon.

The native token of Terra LUNA/USD shot up over 180% for the week amid a market that saw major coins such as Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD all register weekly gains.

Top Gainers of Week Ending Sept. 12, 2022 (Data via CoinMarketCap)
Cryptocurrency 7-Day % Change (+/-) All-Time High Value/Date Reached % Change (+/-) Since All-Time High
Terra (LUNA) +185.2% $19.54 On May 28, 2012 -72.9%
TerraClassicUSD (USTC) +68.1% $1.05 On Jan 30, 2021 -95.1%
Terra Classic (LUNC) +61.4% $119.18 On Apr 5, 2022 -100%

See Also: Best Crypto Debit Cards

Why LUNA Coins Rose? LUNA, which came into existence after a hard fork of Terra Classic LUNC/USD and TerraClassicUSD (USTC), rose sharply last week. 

LUNA and LUNC parted ways after the implementation of the Terra Ecosystem Revival Plan 2. Before the hard fork, LUNC’s price had collapsed 97% after the stablecoin USTC, then known as UST, dropped to below 40 cents. 

The rise in the price of LUNC can be attributed to a community proposal to impose a burn mechanism for LUNC that would reduce the coin’s circulation. The proposal involves adding a tax of 1.2% on all on-chain transactions. The burn will go live on Sept. 20.

On the LUNA side, the buzz is surrounding the second airdrop of tokens, which was passed on Sept. 9. 

For the last 30-days, LUNC, LUNA, and USTC have soared 318.2%, 152.75%, and 77.2%, respectively.

LUNA On The Web: “FatMan” a Twitter handle that claims to provide “updates” on the Terra situation said on Saturday that TerraForm Labs sent a total of $3.9 billion USD (in UST) to exchanges including Binance and KuCoin. The whistleblower called this alleged cashing out “Crypto's biggest fraud” and sought an explanation from Luna creator Do Kwon on Twitter. 

Read Next: Palmer Says Fellow Dogecoin Founder Likely Blocked Him On Twitter Because He Liked Something Anti-Elon Musk

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyLong IdeasNewsMarketsTrading IdeasBinanceBitcoindogecoinEthereumKuCoin
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!